Kerala: India's first Islamic bank gets RBI approval

[email protected] (News Network)
August 18, 2013

Kochi, Aug 18: The Kerala government has got a go-ahead from the Reserve Bank of India to launch a financial institution following the principles of Islamic finance.islamic_banking

Cheraman Financial Services Limited (CFSL) will be floated by Kerala State Industrial Development Corporation to function as a non-banking finance company (NBFC). A formal announcement on CFSL, the latest incarnation of Al Baraka Financial Services, was made on Saturday.

Industries minister PK Kunhalikutty and CFSL chairman P Mohamad Ali told reporters here that the firm would function as a non-banking finance company with an authorised capital of Rs 1,000 crore.

CFSL has already received clearances from the RBI, the Securities and Exchanges Board of India ( SEBI) and the wakf board, the chairman said.

The Kerala State Industrial Development Corporation ( KSIDC) will be the single largest shareholder in the company, holding 11% shares. The other individual shareholders can hold a maximum of 9% shares.

Counting on the state's traditional Gulf links, the previous government had hoped to raise Rs 40,000 crore. The Sharia-compliant CFSL will launch road shows in various cities of India and the Gulf countries from next month

The body will desist from charging interest on loans or give interests on deposits. It will target sectors like infrastructure, services and manufacturing sectors and keep off taboo areas including liquor, tobacco and gambling or speculation. Financing start-up projects is one of its pilot programmes.

The firm will float an alternative investment fund under the banner of Cheraman Fund, with a corpus of Rs 250 crore. The fund will focus on manufacturing and service sectors, mainly in Kerala.

Initially, the fund will raise about Rs 50 crore and one of the early projects to be taken up will be to provide support to startup schemes, managing director APM Mohammed Hanish said.

Comments

Sharif
 - 
Tuesday, 29 Mar 2016

Assalamu alaikum. Hi I got stuck in a private bank borrowing 13 lakhs for home loan. I need to get relief from that paying interest. Because I need to pay 17 lakhs as interest in 15 years. Please help me in this and do the needful.

NAZEER MOOSAFI
 - 
Monday, 28 Mar 2016

Looking for Islamic business loans and opening account in the same

Juber Khan
 - 
Sunday, 27 Mar 2016

Please give me details, how I can open my account in Islamic bank

Juber Khan
 - 
Sunday, 27 Mar 2016

Please give me details, how I can open my account in Islamic bank

Mohammad Azhar…
 - 
Friday, 18 Mar 2016

I would like to take money from Islamic banking for doing business without interest.As interest is haram in Islam.
PLEASE Give me the RIGHT GUIDANCE.

Rifaj Iqbal
 - 
Thursday, 10 Mar 2016

I want business loan...

MD ASLAM
 - 
Friday, 4 Mar 2016

I am very happy to know that R.B.I approves an Islamic Bank.
Sir I completed my diploma in civil engineering and I want to continue my higher studies. So I want to know the procedure to get education loan from your bank and shariah bonding while taking loan.

mujeeb
 - 
Saturday, 13 Feb 2016

I want to starts buisness in kerala. Can i get the loan if possible what is the procedure...?

mujeeb
 - 
Saturday, 13 Feb 2016

I want to starts buisness in kerala , can i get loan .If possible what is the procedure?

SYED MOHD. ZEYAUDDIN
 - 
Tuesday, 9 Feb 2016

SUBHANALLAH. DEAR SIR I WANT TO OPEN MY ACCOUNT IN ISLAMIC BANK IN INDIA, SIR CAN YOU GIVE ME LOAN TO EXPAND MY BUSINESS

Mohammed sauban khan
 - 
Tuesday, 26 Jan 2016

Assalam alaikum,
Well I need financial help to boost my business in Lucknow. We are in FnB segment of hospitality industry.I don't want to get involved in anything which have to deal with interest.moreover I hire my staff from our community only more preferably.
My no & email is mention below.
9794492760
[email protected]

Asma
 - 
Tuesday, 26 Jan 2016

Assalamu Walaikum Rahmatullah,
Sir I want to open an account in Islamic Bank in India please sent me details to my mail.
Thank & Regards.
b8

Mohammed Yaseen
 - 
Monday, 18 Jan 2016

Sir, It is nice to know that an Islamic Bank has been approved by RBI. I wish that its branches should be opened in Jammu and Kashmir. So that we will prevent ourselves from taking interests and help the persons who need loans to run their business.

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News Network
April 7,2020

Kasaragod, Apr 7: The new COVID Hospital at the Kasaragod Medical College has started functioning, Chief Minister Pinarayi Vijayan said on Monday.

The new administrative block of Kasaragod Medical College was converted into a COVID-19 Hospital for providing better treatment facilities to the coronavirus patients, the Chief Minister said while addressing a press conference at the Government Secretariat.

Stating that the hospital was converted to a Corona Care Hospital in just four days, he said 200 beds and 10 ICU beds are now ready.

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News Network
April 29,2020

New Delhi, Apr 29: Karnataka is likely to withdraw the case filed against a CRPF commando who was arrested by state police officials for alleged assault on them during COVID-19 lockdown duty in Belgaum, a charge contested by the paramilitary Central Reserve Police Force.

In a bid to diffuse the ongoing tussle between CRPF and Karnataka police, the official communication sent to CRPF headquarters on Tuesday, with the details of bail granted to CRPF jawan Sunil Sachin Sawant, stated that the issue was discussed with the DGP Karnataka and other senior state authorities with a request to withdraw the case.

According to official communication, Karnataka Director General of Police has assured top CRPF officers that the "case registered against CRPF CoBRA commando is likely to be withdrawn by the state authorities".

The communication also states that "they assured that the criminal case registered against constable of 207 CoBRA BN is likely to be withdrawn by the state authority."

A CRPF CoBRA commando was thrashed and dragged to police station barefoot by police on April 23 for allegedly violating lockdown norms and assaulting/deterring public servant from discharging his duty in Belgavi district of Karnataka. A case was also registered against him.

This is not the first time when the state is showing efforts to solve the matter amicably.

Karnataka culture and tourism minister CT Ravi had also tweeted on April 27 claiming that he had a word with two ministers including state deputy chief minister who 'confirmed that the issue will be resolved amicably'

"Unfortunate that this incident happened with a CRPF Commando and the police. I have spoken with Industries Minister @JagadishShettar and Transport Minister @LaxmanSavadi. Both have confirmed that the issue will be resolved amicably," CT Ravi had tweeted.

CRPF Additional Director General (ADG) Sanjay Arora had also written to DG showing his displeasure over the ill-treatment done by Karnataka police with CRPF jawan and had said that "Keeping in view the gravity of the incident and its impact on the relationship between the two police forces, I am desired by the Director-General CRPF to request you to kindly get the matter inquired and provide justice. We would be thankful if you could inform us of the outcome."

Arora, in his letter, had also said that Karnataka police should have informed the force before registering a case.

The CRPF CbBRA commando was on extended leave and cleaning his motorcycle in front of his house in Examba city when he was allegedly manhandled and ill-treated in front of his family members and paraded to the police station barefoot, where he was kept in chains and handcuff.

The commando was granted bail by a court on Tuesday in the matter.

Sunil Sachin Sawant has been involved in various anti-Naxals operations and is a part of the CRPF elite CoBRA force, which is famous for doing anti-Naxals operations and has eliminated hundreds of Naxals in the past few years.

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coastaldigest.com web desk
June 5,2020

Mangaluru, June 5: A local businessman was hacked to death while two of his relatives suffered critical injuries in a broad daylight attack by a group of miscreants at Mulki on the outskirts of the city today.

The victim has been identified as Abdul Lateef (38). He was proprieter of Align Gold, Moodbidri. His wife is an advocate in Moodbidri. 

Abdul Lateef's father-in-law Muneer and latter's son Hayat suffered stab injuries. They are undergoing treatment at a hospital in Mangaluru. 

The attack took place near the Vijaya Bank in Mulki. 

According to sources, a gang of miscreants stabbed all three. While Abudl Lateef succumbed to his injuries, the other two are responding to the treatment. 

Police have registered a case. Investigations are on. 

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